“The sexy job in the next ten years will be statisticians…” ‐ Hal Varian, Google
Analytics Challenge — California physicians group Heritage Provider Network Inc. is offering $3 million to any person or firm who develops the best model to predict how many days a patient is likely to spend in the hospital in a year’s time. Contestants will receive “anonymized” insurance-claims data to create their models. The goal is to reduce the number of hospital visits, by identifying patients who could benefit from services such as home nurse visits.
The need for analytics talent is growing everywhere. Analytics touches everyone in the modern world. It’s no longer on the sidelines in a support role, but instead is driving business performance and insights like never before.
Job posting analysis indicate that market demand for data scientists and analytics gurus capable of working with large real-time data sets or “big data” took a huge leap recently. The most common definition of “big data” is real-time insights drawn from large pools of data. These datasets tend to be so large that they become awkward to work with using on-hand relational database tools, or Excel.
It’s super trendy to be labeled “big data” right now – but that doesn’t mean the business trend’s not real. Take for the instance the following scenario in B2B supply chains. Coca-Cola Company is leveraging retailers’ POS data (e.g., Walmart) to build customer analytical snapshots, including mobile iPad reporting, and enable the CPFR (Collaborative Planning, Forecasting, and Replenishment) process in Supply Chain. Walmart alone accounts for $4 bln of Coca-Cola company sales.
Airlines, hotels, retail, financial services and e-commerce are industries that deal with big data. The trend is nothing new in financial services (low latency trading, complex event processing, straight thru processing) but radical in traditional industries. In trading, the value of insights depends on speed of analytics. Old data or slow analytics translate into losing money.
As data growth in business processes outpaces our ability to absorb, visualize or even process, new talent around Business Analytics will have to emerge. New roles such as Data Scientists, Analytics Savants, Quant Modelers are required in almost every corporation for converting the growing volumes of data into actionable insights.
Look at these data stats.